Kvartalsrapport Q1 2026

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1
2026 Q1 REPORT
1
2026
 Q1 REPORT
Q1 2026 JANUARY - MARCH
Quarterly
Report
This report has been prepared in both Swedish and English 
versions. In the event of any discrepancies between the 
versions, the English version shall prevail.

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2
2026 Q1 REPORT
2026 Q1 REPORT
2
Contents
4 Q1 2026 in brief
6 Letter from the CEO
8 This is SmartCraft
9 Operational development 
13 Financial review
14 Outlook
17 Consolidated Financial Statements
23 Financial Statements - Parent Company
28 Alternative Performance Measures (APMs)

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2026 Q1 REPORT
Proven Scalability
Historical figures demonstrate efficient growth 
model, scalability and strong cash flow profile.
Amounts in SEK (millions) 2024 2025 LTM
ARR
467
+7.8%
477
+6.5%
504
+7.3%
Revenue 502 528 532
Adjusted EBITDA
187
37%
188
36%
192
36%
Operational cash flow 188 137 156
R&D CAPEX 48 41 40
Customers EOP* ~13 000 ~13 300 ~13 300
3
*During Q1 2026, SmartCraft completed a review of its customer and user counting methodology across the 
group. As part of this process, we have decided to use direct contracted customers as a base for the numbers. 
As a result, the historical reported number of customers has been adjusted. The updated figures reflect 
improved data quality and consistency and has no impact on other financial metrics.

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4
Q1 REPORT
4
2026
Q1 2026 in brief
First quarter highlights
• Revenue SEK 136 million, a growth of 3.1 percent YoY
• Operational cash flow SEK 73 million, a growth of 35.2 percent YoY
• Annual Recurring Revenue SEK 504 million, an organic growth of  
7.3 percent YoY
• Adjusted EBITDA-CAPEX at SEK 40 million with a margin of 29.6 percent, 
a 2.3 percentage point increase YoY
• Churn of 8.3 percent, a 1.0 percentage point reduction YoY
• Relisted from Euronext Oslo to Nasdaq Stockholm
Releases after the reporting period
Regulatory releases:
• 29.04.2026: Bulletin from extraordinary general meeting in SmartCraft Group AB (publ) held on 29 April 2026
Read the full releases at:  smartcraft.com/investor-relations/press-releases/
4
Q1 REPORT
ARR development per quarter
End of period, MSEK
395.5
459.8 455.7 467.3 469.2
7.3%
475.4 476.0 477.4 504.1
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

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2026 Q1 REPORT
Adjusted EBITDA margin development per quarter
 Adjusted EBITDA margin  Adjusted EBITDA-CAPEX margin
Earnings per share development per quarter
End of period, SEK
Revenue development per quarter
End of period, MSEK
0.19
108.3
Q1 2024
0.17
132.3
Q2 2024
0.13
128.3
Q3 2024
0.14
133.2
Q4 2024
0.13
132.0
Q1 2025
0.16
132.0
Q2 2025
0.13
129.9
Q3 2025 Q4 2025 Q1 2026
0.06
133.9
0.15
136.2
Q1 2024
Q1 2024
Q2 2024
Q2 2024
Q3 2024
Q3 2024
Q4 2024
Q4 2024
Q1 2025
Q1 2025
Q2 2025
Q2 2025
Q3 2025
Q3 2025
Q4 2025 Q1 2026
Q4 2025 Q1 2026
40.9 % 38.5 % 36.0 % 34.2 % 34.7 % 38.2 % 35.6 % 33.9 % 36.6 %
33.1 % 29.2 % 25.3 % 24.2 % 27.3 % 29.4 % 28.2 % 26.7 % 29.6 %
0.0 %
20.0 %
40.0 %
60.0 %
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2025
2026
5
Q1 REPORT

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2026 Q1 REPORT
Q1 2026 was my first quarter as CEO of SmartCraft, and it 
was also the first full quarter where our business area model 
was tested in practice. We put the structure in place in Q4 
2025 going from a country setup and in Q1 2026 we started 
executing on the model, with clearer ownership, stronger 
cadence, and higher focus across the Group. The numbers 
so far seem to show that we are on the right path, with both 
increased ARR and higher adjusted EBITDA-capex margin, as 
well as lowered churn compared to both YoY and QoQ.
Annual Recurring Revenue reached SEK 504.1 million (note 
that we have changed reporting currency from NOK to SEK), 
corresponding to 7.3% organic ARR growth year over year. On a 
quarter over quarter basis, ARR increased 5.7% from SEK 477.4 
million as per end Q4 2025. This is a better organic growth 
YoY than for any quarter in 2025, hopefully confirming that our 
growth trajectory is moving on the right path. Adjusted EBITDA-
capex increased to SEK 40.3 million, with an adjusted EBITDA-
capex margin of 29.6%, an improvement of 2.3 percentage 
points year over year. The adjustments is related to relisting 
costs. Churn improved to 8.3%, down from 9.3% in Q1 2025 and 
from a peak of 10.0% in Q2 2025.
The construction market remains restrained. That is the 
environment we have learnt to operate in, and we are not 
waiting for it to change before we improve. This means 
that with an even more driven organization in place and a 
strengthened operational discipline, we are navigating this 
challenging construction market.
Artificial intelligence continues to play an central role in our 
strategy. AI is not an add-on to SmartCraft; it is embedded in 
how our products evolve and how customers use them. During 
Q1 we continued to embed AI into our products. In Clixifix as 
one example, two new AI features were deployed, including 
defect summaries and image-based support, and early usage 
data shows meaningful adoption in a short period.  In Locka, 
Letter from the CEO
we have used AI to radically shorten and improve parts of the 
3D image production process, reducing time, and improving 
output quality. This is the pattern we are building across the 
Group. AI that removes admin, reduces friction, and makes 
our products more embedded in daily work to improve both 
customer efficiency as well as our own production efficiency.
Importantly, AI also enables us to connect our business areas 
more tightly by building shared data, shared workflows, and a 
common logic. Over time, this strengthens scalability, increases 
switching costs, and deepens our competitive moat.
In March, we completed the transfer of our share listing to 
Nasdaq Stockholm, an important milestone that improves our 
visibility among Nordic SaaS investors and that has already 
given us increased liquidity in our stock. Q1 also included

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2026 Q1 REPORT
“My first quarter in SmartCraft was defined by 
learning, focus and execution and it confirmed 
something important. We are moving in the 
right direction, with both increased ARR and 
higher adjusted EBITDA-capex margin, as well 
as lowered churn compared to both YoY and 
QoQ”
JEREMIAS JANSSON – CEO
important corporate developments. We announced the 
appointment of a new Chief Financial Officer, Tobias Lindquist, 
who will join SmartCraft on June 1st, 2026, and we have also 
hired Daniel Karlsen as new EVP for our HVAC & Plumbing 
business area starting August 1st, 2026. These hires will further 
strengthen our leadership team, our go-to market and our 
financial capabilities as we continue to scale.
Geopolitical uncertainty increased during the quarter and it 
continues to add volatility to an already fragile macro backdrop. 
We cannot control that. What we can control is how we 
execute. SmartCraft benefits from a business model with a 
high share of recurring revenues at 96% and mission critical 
software that is deeply embedded in our customers’ daily 
operations, which gives resilience and predictability through 
cycles.
Looking ahead, our priorities are clear. We will keep tightening 
execution across the Group. We will keep improving 
integrations, packaging, sales processes and time to value so 
that buying decisions become easier and adoption becomes 
faster.  We will also continue to invest in AI driven deliveries 
that increase customer value in practical workflows, and that 
strengthens our ability to grow ARR while expanding margins 
over time.
For me this quarter was defined by learning, focus and 
execution and it confirmed something important. We are 
moving in the right direction, and we are doing it in a market 
that is tough but still untapped. We will continue to improve 
step by step, quarter by quarter, with a stronger leadership 
team, clearer ownership in the business areas, and a platform 
strategy that is proving itself in real product deliveries.

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2026 Q1 REPORT
This is SmartCraft
Electro EnterpriseHVAC & 
Plumbing
SME  
Construction
SmartCraft is a leading Nordic provider of mission-critical SaaS solutions 
for craftsmen and the construction industry, operating across Norway, 
Sweden, Finland and the UK.
We digitise the workflows that matter most in construction and installation. Our software 
helps customers plan and deliver work more efficiently, stay compliant, reduce errors and 
improve profitability, from quoting and planning to documentation and invoicing.
SmartCraft is built on deep workflow knowledge and specialised best-of-breed solutions 
across key niches. At the same time, we strengthen scale and execution through shared 
capabilities across the Group and a business area structure with clear ownership and 
accountability.
Key figures
270
~184 000*
MSEK 
504
96%
~13 300*
EMPLOYEES
USERS
ARR
ARR SHARE
CUSTOMERS
Business areas and solutions
AI-first
• AI embedded as a core capability across products and internal workflows
• Focus on practical value creation, not standalone features
• Supports scalability, efficiency and consistent execution across business 
areas
*During Q1 2026, SmartCraft completed a review of its customer and user counting methodology across the group. As part of this process, we 
have decided to use direct contracted customers as a base for the numbers. As a result, the historical reported number of customers has been 
adjusted. The updated figures reflect improved data quality and consistency and has no impact on other financial metrics.

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2026 Q1 REPORT
Q1 marked the first full quarter with SmartCraft operating 
under the business area model. The quarter was characterized 
by continued execution, while strengthening the operational 
foundations needed to support scalable and profitable growth 
over time.
Across segments, customers increasingly prioritised usability, 
well-integrated workflows and functionality that supports 
efficiency in daily operations. Internally across all business 
areas, focus was directed toward strengthening integrated 
workflows and increasing adoption within the existing 
customer base. Delivery, support and customer success 
functions were further stabilized through clearer prioritization 
and strengthened operational control. This contributed to 
improved retention dynamics, with a higher share of customers 
choosing to downgrade rather than churn indicating continued 
engagement in a restrained investment environment.
Product development in all business areas, was supported by 
expansion of AI-enabled functionality. AI is increasingly used 
as an internal productivity tool across development, supporting 
documentation, analysis and coding. In parallel, customer 
facing AI functionality was selectively introduced, reinforcing 
the value proposition within existing workflows.
Commercially, the quarter reflected a continued focus 
on improving execution quality across the Group. The 
implementation of HubSpot across sales operations 
represented an important step toward a more scalable 
commercial platform. Conversion rates held up well overall and 
improved in several parts of the portfolio. 
Overall, the quarter highlighted the importance of continued 
operational discipline, product maturity and clearly articulated 
customer value as key drivers to support durable growth and 
long-term value creation, while positioning the Group to benefit 
as market conditions gradually improve.
Operational development

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2026 Q1 REPORT
Segments
Amounts in SEK (millions) Q1’26 Q1’25 FY’25
SME Construction  53.3  48.8  200.7 
Electro  16.8  16.1  64.7 
HVAC & Plumbing  31.8  31.7  123.1 
Enterprise  34.3  35.4  139.3 
Total revenue  136.2  132.0  527.7 
SME Construction 9.9% 8.9% 8.7%
Electro 4.5% 11.2% 10.7%
HVAC & Plumbing 2.7% 1.8% (0.2%)
Enterprise 1.4% 0.2% (5.5%)
Amounts in SEK (millions) Q1’26 Q1’25 FY’25
SME Construction 32.3  24.8  110.2 
Electro 5.0  2.6  17.3 
HVAC & Plumbing 15.6  15.9  66.9 
Enterprise 6.3  5.6  21.6 
Adjusted EBITDA 59.3  48.8  216.0 
SME Construction 60.6% 50.8 % 54.9 %
Electro 29.8% 15.9 % 26.8 %
HVAC & Plumbing 49.3% 50.0 % 54.3 %
Enterprise 18.5% 15.7 % 15.5 %
Business area distribution of revenue
Organic growth
Adjusted EBITDA margin
Distribution of adjusted EBITDA per reporting segment (Excluding Group overhead)

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2026 Q1 REPORT
SME Construction
SME Construction delivered revenue of SEK 53.3 million in 
the quarter, corresponding to an organic growth of 9.9% 
YoY. Adjusted EBITDA-capex amounted to SEK 29.2 million, 
corresponding to an adjusted EBITDA margin-capex of 54.7%, 
reflecting continued cost discipline and a strong contribution 
from the existing customer base.
During the quarter, several product related milestones 
were achieved. Resource Planner was launched within 
Kvalitetskontroll and received positive feedback from 
customers, supporting improved planning and resource 
utilization. Bygglet introduced integration with an established 
calculation tool, allowing users to turn a calculation directly into 
a quotation.
Electro
Electro recorded revenue of SEK 16.8 million in the quarter, 
corresponding to an organic growth of 4.5% YoY, supported 
by increased activity towards the end of the quarter. Adjusted 
EBITDA-capex amounted to SEK 3.8 million, corresponding 
to an adjusted EBITDA margin-capex of 22.7%. The margin 
development reflects continued focus on cost efficiency and 
disciplined execution.
During the quarter, we continued to improve SmartCraft 
Spark. The new mobile app improved usability in the field, 
encouraging adoption. Integrations with accounting platforms 
enabled seamless invoicing and enhanced workflow efficiency.
Nearly half of new customers in March came from online 
orders, showing the direct digital channel’s scalability. 
Engagement stayed strong via webinars, courses, and 
handbooks, while marketing boosted visibility and leads. 
EL-VIS demonstrated a quarter-on-quarter increase in 
conversion rate, indicating enhanced sales efficiency resulting 
from optimised processes and improved lead quality. 
Additionally, upsell initiatives for ELinn are yielding strong 
results, and SmartCraft Spark sales continue to show an 
upward trend.
HVAC & Plumbing
HVAC & Plumbing delivered revenue of SEK 31.8 million in 
the quarter, corresponding to an organic growth of 2.7% 
YoY. Adjusted EBITDA-capex amounted to SEK 14.4 million, 
corresponding to an adjusted EBITDA margin-capex of 45.4%, 
reflecting continued investments in product development and 
operational capabilities while maintaining cost discipline.
A key milestone was reached with the Cordel–SmartCraft 
Flow integration going live. This strengthened the combined 
offering and improved the overall customer value proposition 
by enabling more connected workflows and expanded use 
cases, while also supporting increased upsell potential within 
the existing customer base.
During the quarter support functions were further 
improved through clearer prioritization, stronger operational 
management, and tighter follow-ups. This established a more 
solid foundation for support quality, customer engagement, 
and long-term scalability.

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2026 Q1 REPORT
Enterprise
The Enterprise portfolio delivered revenue of SEK 34.3 million 
in the quarter, corresponding to an organic growth of 1.4% 
YoY. Adjusted EBITDA-capex amounted to SEK 3.1 million, 
corresponding to an adjusted EBITDA margin-capex of 9.0%. 
Operational efficiency improved, supported by continued 
development. Within Locka, AI was applied to streamline 
portions of the 3D image production process, significantly 
reducing production time while improving output quality.
For Clixifix, new AI-enabled functionality was introduced to 
improve efficiency in complex aftercare workflows. AI-based 
summaries of defects help users quickly gain an overview in 
cases with high activity, while image-based analysis supports 
automated data capture from photos.
In Homerun enhancements included expanded API capabilities 
and improved collaboration functionality within defect 
handling, as well as a new user interface for apartment owners. 
In addition, integration with the BEAst industry standard via 
Peppol was implemented for Coredination, strengthening 
interoperability and supporting adoption.

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2026 Q1 REPORT
Financial review
Amounts in SEK (thousands) Q1’26 Q1’25 FY’25
Total operating revenue  136 176  132 022  527 725 
Purchase of goods and services  9 885  10 661  41 978 
Payroll and related expences  54 754  54 801  213 972 
Other operating expenses  32 029  20 808  92 113 
Total operating expenses  96 668 86 270 348 064
EBITDA  39 508  45 752  179 661 
Adjustments of special items  10 267 -  8 190
Adjusted EBITDA  49 775  45 752  187 851
Depreciation and amortization  19 520  19 426  77 239 
Operating profit (loss) before financial items and tax  19 988  26 325  102 422 
EBITDA-margin 29.0% 34.7% 34.0%
Adjusted EBITDA-margin 36.6% 34.7% 35.6%
SmartCraft’s consolidated revenue in Q1 2026 grew by 3.1 
percent to SEK 136.2 million, (SEK 132 million). The revenue 
growth was driven by organic growth from the Group’s SaaS 
solutions, while changes in currency rates constrains the 
growth. ARR grew to SEK 504.1 million, an organic growth of 7.3 
percent. 
SmartCraft’s strategy is to prioritize and maximize recurring 
revenue. In Q1, the share of recurring revenue was 96.3 percent, 
(94.7 percent). We expect SmartCraft’s recurring revenue share 
to consistently be in the mid-to-high 90 percent range.
The Group had a churn of 8.3 percent in Q1 2026, (9.3 percent) 
compared to 9.2 percent in the previous quarter. Bankruptcies 
in the construction industry have impacted materially in the last 
quarters and years. Even though the number of bankruptcies 
seem to be stabilizing, it is still the main reason for churn in Q1 
2026. 
The reported EBITDA was SEK 39.5 million in Q1 2026. Adjusted 
for expenses related to relisting processes, the Group had an 
adjusted EBITDA of SEK 49.8 million (SEK 45.8 million). The 
adjusted EBITDA margin for Q1 2026 was 36.6 percent (34.7 
percent). The increase in margin compared to last year was 
mainly due to a decrease in cost of gods sold and personnel 
cost. The adjusted EBITDA-CAPEX margin was 29.6 percent in 
Q1 2026 (27.3 percent). SmartCraft is focused on increasing the 
margins for all solutions in the medium/long-term.  
Depreciations and amortizations were SEK 19.5 million in Q1 
2026 (SEK 19.4 million). D&A steadily increases as a result of 
the Group’s continuous R&D activities and acquisitions.  In Q1 
2026, amortization related to M&A was SEK 7.0 million (SEK 8.6 
million). The operating profit before financial items and tax for 
Q1 2026 were SEK 20.0 million (SEK 26.3 million). The decrease 
is driven by an increase in other operating expenses driven 
by costs related to advisors and consultants for the relisting 
process.
13

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2026 Q1 REPORT
Organic growth Y oY Q1’26 Q1’25 FY’25
Fixed price 8.0% 6.2% 6.6%
Transactions (4.4%) 9.8% 2.4%
Total recurring 7.0% 6.5% 6.3%
Non-recurring (27.1%) (17.3%) (43.3%)
Total revenue 5.2% 5.8% 3.1%
The Group had a net financial income of SEK 6.5 million in Q1 
2026 (-SEK 1.5 million). Net financial items are mainly driven by 
currency effects on cash deposits in foreign currency. Profit for 
Q1 2026 total to SEK 24.2 million (SEK 21.3 million), totaling an 
earning per share for Q1 2026 of SEK 0.15 (SEK 0.13).
Cash flow
SmartCraft’s business model generates a high and positive 
cash contribution throughout the entire year, although there 
are seasonal variations relating to the timing of invoicing. 
Cash flow from operating activities was SEK 72.7 million in Q1 
2026, (SEK 53.8 million). The increase is driven by a decrease 
in prepayment of tax in Sweden, and a positive effect from 
net working capital – more specifically increases in accounts 
payables and accruals for cost related to the relisting that are 
expected to be paid during Q2 2026.  
Cash flow from investing activities was SEK -9.7 million in 
Q1 2026 (SEK -10.3 million). In Q1 2026, investing activity was 
mainly capitalized development costs of SEK 9.5 million (SEK 
9.7 million). In Q1 2026 capitalization constitutes 7.0 percent of 
revenue (7.3 percent).  
Net cash flow from financing activities was SEK -72.1 million in 
Q1 2026 (SEK 19.7 million). The latest SmartCraft share buy-
back program of up to NOK 35 million was initiated after the Q2 
report in August 2025 ended February 2026 and was replaced 
by a reversed book build completed February 20th, 2026. The 
treasury shares may be used for payment for potential future 
acquisitions in combination with cash. Additionally, treasury 
shares may be used for potential future settlement of the 
Group’s long-term investment program for management and 
key employees. Through buy-back programs, SmartCraft 
acquired 4 522 442 own shares (2.6 percent of total shares) 
totaling SEK 79.1 million in Q1 2026. As part of the relisting to 
Nasdaq Stockholm the group announced an offering that was 
oversubscribed and gave a net cash effect of SEK 10.4 million. 
SmartCraft has a positive cash contribution from operations 
every quarter. The Group operates in an under-penetrated 
market and plans to continue its role as a consolidator and 
increase its market share. SmartCraft does not expect to pay 
dividends in the short to medium term and the accumulating 
cash holding will be allocated to investments and acquisitions 
supporting the Group’s position and plans, and potential future 
share buy-back programs.
Financial position
The balance sheet of SmartCraft remains solid and the 
Group has negative net working capital driven by customer 
prepayments. The Group is in a net cash position, is self-
funded and well capitalized to deliver on the organic growth 
ambitions and M&A strategy. 
Total assets amounted to SEK 1 173.0 million (SEK 1 198.9 million 
at the end of 2025), of which cash and cash equivalents 
amounted to SEK 117.4 million (SEK 132.2 million at the end of 
2025), the decrease in cash is driven by financing activities, 
specifically acquisition of treasury shares. Non-current assets 
amounted to SEK 982.9 million (SEK 964.4 million at the end of 
2025). The decrease in total assets is driven by the cash flow 
from financing activities and changes in currency rates.

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2026 Q1 REPORT
Total liabilities amounted to SEK 318.7 million (SEK 315.4 
million at the end of 2025). The change is mainly related to 
the increase in deferred revenue, accounts payable and other 
current liabilities.
Parent company 
Net revenue for the parent company in Q1 2026 was SEK 1.6 
million (SEK 3.8 million) and operating profit SEK -19.9 million 
(SEK -3.0 million) and profit after tax SEK -19.2 million (SEK 
-5.3 million). During Q1 SmartCraft Group AB (publ) replaced 
SmartCraft ASA as parent company due to the finalization 
of a cross-border merger. The parent company’s equity was 
end of Q1 2026 SEK 433.3 million (SEK 552.5 million) and total 
assets SEK 556.2 million (SEK 682.2 million). The main reason 
for changes in the financial position is currency differences, 
changes in equity due to merger postings and transfer of the 
global cash pool to SmartCraft Software AS as part of the 
merger process. 
Share information
At the end of Q1 2026 SmartCraft Group AB (publ) had 171.5 
million shares at par value of SEK 0.0029. As part of the relisting 
process, from Euronext Oslo to Nasdaq Stockholm, SmartCraft 
Group AB (publ) completed a merger with SmartCraft ASA, 
with SmartCraft Group AB (publ) as the acquiring company. 
As part of the relisting 1 000 000 shares were offered, while 
simultaneously cancelling 1 000 000 treasury shares.  
As of March 31, 2026, SmartCraft holds 10 293 403 treasury 
shares (6.0 percent) and total outstanding shares were 
161 228 902.
Jeremias Jansson
CEO
May 7th, 2026
SmartCraft Group AB (publ)
Risk factors
Risk factors are described in the information document 
prepared in connection with the relisting on Nasdaq Stockholm 
published March 9th, 2026 and in the annual accounts for 2025, 
published April 17th, 2026.
Shareholders Number of share Votes %
Valedo Partners III AB 67 903 692 42.12%
Anabranch Capital Management LP 15 780 052 9.79%
Langdon Equity Partners Ltd 10 647 199 6.60%
B. Ulstein AS 10 621 975 6.59%
Janus Henderson Investors 6 018 322 3.73%
Chelverton Asset Management Ltd 3 360 000 2.08%
Mustad Industrier AS 2 430 000 1.51%
Handelsbanken Fonder 2 209 688 1.37%
Polar Capital LLP 2 111 405 1.31%
Kvantia AS (Andenæsgruppen) 2 107 500 1.31%
Other information
The report has not been subject to review by the company’s 
auditor. 
The ten largest shareholders on March 31, 2026:

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2026 Q1 REPORT
Outlook
SmartCraft’s focus is to translate strategy into repeatable 
product delivery and operational discipline across business 
areas. Increased shared data and common logic across 
solutions is expected to improve scalability, raise switching 
costs, supporting long-term value creation regardless of 
short-term market fluctuations.
Looking ahead, the Group will continue to prioritise execution 
across business areas, with emphasis on “One SmartCraft” i.e. 
operational discipline, product maturity and clearly articulated 
customer value. Near term we focus on usability, integrations 
and time to value to drive adoption and retention within the 
existing customer base and lower barriers to purchase as 
demand gradually improves.
Execution of strategically important, cross-functional initiatives 
will be further strengthened through the Project Management 
Office. The PMO is designed to accelerate execution by 
ensuring that cross functional initiatives are prioritised, owned 
and delivered with clear value focus, while outcomes remain 
owned within the business areas.
As part of SmartCraft’s AI-first strategy, the Group will continue 
to expand AI-driven ways of working beyond development. 
Following the successful adoption of AI-supported tools within 
engineering, a structured AI pilots’ program has been initiated 
to test and scale AI usage across functions such as product 
management, go-to-market, customer success and finance.
Overall, SmartCraft enters the coming quarters with a 
strengthened organisational structure, clearer ownership 
across business areas and a strategy that is increasingly 
reflected in concrete product deliveries. With a high share 
of recurring revenues, mission-critical software embedded 
in customers’ daily operations and a scalable SaaS platform, 
the Group remains well positioned for gradual recovery and 
long-term value creation. The medium-term target of 15–20% 
organic growth with margin expansion remains unchanged.
16

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2026 Q1 REPORT
Condensed 
Consolidated 
Financial  
Statements
2026
17
Q1 REPORT

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2026 Q1 REPORT
Amounts in SEK (thousands) Q1’26 Q1’25 FY’25
Total operating revenue  136 176  132 022  527 725 
Purchase of goods and services  9 885  10 661  41 978 
Payroll and related expences  54 754  54 801  213 972 
Other operating expenses  32 029  20 808  92 113 
Depreciation and amortization  19 520  19 426  77 239 
Total operating expenses  116 188  105 696  425 303 
Operating profit (loss) before financial items and tax  19 988  26 325  102 422 
Financial income  15 503  5 602  9 155 
Financial expenses  (9 021)  (7 099)  (18 954)
Financial income (expense), net  6 482  (1 497)  (9 799)
Profit (loss) before tax  26 470  24 828  92 623 
Tax expense  2 244  3 525  13 148 
Profit (loss)  24 226  21 303  79 475 
Other comprehensive income
Items that will be reclassified to profit or loss:
Currency translation differences, net of tax  12 330  (8 272)  (37 568)
Total  12 330  (8 272)  (37 568)
Total comprehensive income  36 556  13 031  41 908 
Consolidated Statement of Comprehensive Income
Q1’26 Q1’25 FY’25
Profit for the period TSEK  24 226  21 303  79 475 
Profit for the period attributable to non-controlling interests TSEK  -  - 
Profit for the period attributable to equity holders of 
SmartCraft Group AB (publ)
TSEK  24 226  21 303  79 475 
Average numbers of common shares, excl. Treasury shares  162 955 758  166 915 798  165 984 829 
Earning per share  SEK  0.15  0.13  0.48

===== SIDA 19 =====

19
2026 Q1 REPORT
Amounts in SEK (thousands) 31 Mar 2026 31 Mar 2025 31 Dec 2025
Goodwill  630 890  625 727  611 667 
Intangible assets  324 987  349 391  324 106 
Right to use assets  23 073  32 917  24 607 
Tangible Assets  3 958  4 685  4 063 
Total non-current assets  982 908  1 012 720  964 444 
Other current assets  20 098  14 954  40 723 
Accounts Receivable  52 636  51 089  61 465 
Cash and cash equivalents  117 376  144 929  132 238 
Total current assets  190 111  210 973  234 425 
Total assets  1 173 019  1 223 693  1 198 869 
Consolidated Statement of Financial Position
Assets

===== SIDA 20 =====

20
2026 Q1 REPORT
Amounts in SEK (thousands) 31 Mar 2026 31 Mar 2025 31 Dec 2025
Share capital  500  1 630  1 567 
Own shares  (30)  (49)  (62)
Share premium  601 700  575 951  553 632 
Retained earnings  238 965  277 100  293 422 
Other components of equity  7 336  24 308  32 501 
Non-controlling interests  6 233  8 917  5 835 
Total equity  854 704  887 858  886 896 
Non-current lease liabilities  12 942  20 625  13 532 
Deferred tax liabilities  48 427  57 148  47 883 
Total non-current liabilities  61 369  77 773  61 415 
Deferred revenue  170 025  154 991  150 258 
Current portion of lease liabilities  11 433  13 192  12 280 
Accounts payable  17 086  14 754  10 871 
Taxes payable  (16 757)  5 833  9 335 
Other current liabilities  75 158  69 292  67 815 
Total current liabilities  256 946  258 062  250 558 
Total liabilties  318 315  335 835  311 973 
Total equity and liabilities  1 173 019  1 223 693  1 198 869 
Consolidated Statement of Financial Position
Equity and liabilities

===== SIDA 21 =====

21
2026 Q1 REPORT
Amounts in SEK (thousands) Share capital Treasury 
shares
Share 
premium
Other 
components 
of equity
Retained 
earnings
Non-
controlling 
interest
Total equity
Total equity 31.12.2024  1 663  (44)  587 552  32 580  271 702  9 199  902 652 
Profit / (-) loss for the period  -    -    -    -    79 475  -    79 475 
Other comprehensive income  (96)  3  (33 920)  (79)  (3 026)  (450)  (37 568)
Purchase of treasury shares  -    (23)  -    -    (58 827)  -    (58 850)
Changes in non-controlling interests  -    -    -    -    -    (2 914)  (2 914)
Other changes  -    2  -    -    4 098  -    4 100 
Total equity 31.12.2025  1 567  (62)  553 632  32 501  293 422  5 835  886 896 
Profit / (-) loss for the period  -    -    -    -    24 226  -    24 226 
Other comprehensive income  -    -    37 697  (25 165)  (599)  397  12 330 
Purchase of treasury shares shares  (48)  (79 073)  (79 121)
Changes in non-controlling interests  -    -    -    -    -    -    -   
Capital increase  3  -    10 370  -    -    -    10 373 
Cancelation of treasury shares  (3)  3  -    -    -    -    -   
Merger  (1 067)  77  -    -    990  -    -   
Other changes  -    -    -    -    -    -    -   
Total equity 31.03.2026  500  (30)  601 700  7 336  238 966  6 232  854 704 
Consolidated Statement of Changes in Equity

===== SIDA 22 =====

22
2026 Q1 REPORT
Amounts in SEK (thousands) Q1’26 Q1’25 FY’25
Operating activities
Profit before tax  26 470  24 828  92 632 
Paid taxes  (8 267)  (19 675)  (53 159)
Net financial income  (6 482)  1 497  9 799 
Gains/loss sold assets  -    (108)  (5)
Depreciation and amortization  19 520  19 426  77 239 
Interest received  687  700  2 635 
Net cash provided from operating activities before net working capital changes  31 929  26 669  129 141 
Working capital adjustments
Changes in accounts receivable  9 668  13 160  2 627 
Changes in deferred revenue  16 845  10 805  8 430 
Changes in accounts payable  5 868  9 692  (752)
Changes in all other working capital items  8 433  (6 538)  (2 826)
Net cash provided from operating activities  72 743  53 787  136 619 
Investing activities
Investments in tangible and intangible assets  (199)  (397)  (1 389)
Payments for acqusitions  -    (285)  (6 567)
Payments for software development costs  (9 489)  (9 666)  (40 585)
Net cash used in investing activities  (9 687)  (10 348)  (48 541)
Financing activities
Cash proceeds from capital increases  10 373  -    -   
Interest payments  (438)  (846)  (2 360)
Repayments of lease liabilities  (2 905)  (2 977)  (11 995)
Payment of treasury shares  (79 121)  (15 907)  (58 850)
Net cash provided by (used in) financing activities  (72 091)  (19 731)  (73 205)
Net increase (decrease) in cash and cash equivalents  (9 035)  23 708  14 874 
Cash and cash equivalents at the beginning of period*  132 238  121 844  121 844 
Foreign currency effects on cash and cash equivalents  (5 826)  (623)  (4 480)
Cash and cash equivalents at end of period*  117 376  144 929  132 238 
Consolidated Cash Flow Statement
* Cash and cash equivalent include restricted funds

===== SIDA 23 =====

23
2026 Q1 REPORT
Amounts in SEK (thousands) Q1’26 Q1’25 FY’25
Total operating revenue  1 602  3 834 15 151 
Purchase of goods and services  158  251 853
Payroll and related expences  7 396  4 743 18 140
Other operating expenses  13 868  1 832 17 548
Depreciation and amortization  69  38 55
Total operating expenses  21 491  6 864 36 596   
Operating profit (loss) before financial items and tax  (19 890)  (3 030) (21 445)   
Financial income  4 270  2 267 25 565
Financial expenses  (5 102)  (4 495) (4 642)
Financial income (expense), net  (833)  (2 228) 20 923   
Profit (loss) before tax  (20 722)  (5 259) (522)   
Tax expense  (1 569)  -   1
Profit (loss)  (19 153)  (5 259) (523)   
Income statement parent company

===== SIDA 24 =====

24
2026 Q1 REPORT
Amounts in SEK (thousands) 31 Mar 2026 31 Mar 2025 31 Dec 2025
Subsiduaries  513 953  494 727 481 676
Intangible assets  287  324 280 
Right to use assets  364  48 -
Tangible Assets  27  38 28
Total non-current assets  514 632  495 137 481 984 
Intercompany receivable  26 852  66 517 77 440 
Other current assets  4 692  4 789 - 
Cash and cash equivalents  10 401  582 - 
Total current assets  41 945  71 888 77 440 
Total assets  556 577  567 025 559 423 
Financial Position of parent company
Assets

===== SIDA 25 =====

25
2026 Q1 REPORT
Amounts in SEK (thousands) 31 Mar 2026 31 Mar 2025 31 Dec 2025
Share capital  500  1 630  1 567 
Own shares  (30)  (47)  (62)
Share premium  601 700  575 951  553 632 
Retained earnings  (168 863)  (25 081) (64 737)
Total equity  433 307  552 454  490 400 
Deferred tax liabilities  -    1 547  1 488
Total non-current liabilities  -  1 547  1 488 
Intercompany payables  103 565  117 377  176 756
Accounts payable  6 154  6 899  2 157
Taxes payable  (12)  -    - 
Other current liabilities  13 208  3 881  3 403 
Total current liabilities  122 915  128 157  182 316 
Total liabilties  122 915  129 704  183 804 
Total equity and liabilities  556 221  682 157  674 204 
Financial Position of parent company
Equity and liabilities

===== SIDA 26 =====

26
2026 Q1 REPORT
Explanatory Notes to the 
Consolidated Financial Statements
Note 1 Accounting policies
The interim report for the SmartCraft Group for 1st quarter 2026 
has been prepared in accordance with IAS 34 Interim Financial 
Reporting. The same accounting policies and methods 
for computation have been applied as in the latest annual 
statement. For further information on accounting policies see 
the Annual Report 2025.
Note 2 Revenue
Note 3 Earnings per share
Amounts in SEK (thousands) 
Revenue 
recognition Q1’26 Q1’25 FY’25
Fixed price Over time  121 358  114 681  465 550 
Transactions Point in time  9 801  10 401  39 757 
Total recurring  131 159  125 082  505 307 
Non-recurring Point in time  5 016  6 940  22 417 
Total revenue  136 176  132 022  527 725 
Q1’26 Q1’25 FY’25
Profit for the period TSEK  24 226  21 303  79 475 
Profit for the period attributable to non-controlling interests TSEK  -  - 
Profit for the period attributable to equity holders of SmartCraft Group AB 
(publ)
TSEK  24 226  21 303  79 475 
Average numbers of common shares, excl. Treasury shares  162 955 758  166 915 798  165 984 829 
Earning per share  SEK  0.15  0.13  0.48 
The parent company applies the Annual Accounts Act and RFR 
2 Accounting for Legal Entities.

===== SIDA 27 =====

27
2026 Q1 REPORT
Note 4 Events after the reporting period
SmartCraft Group AB (publ) was incorporated on 1 July 2025, 
formed solely for the purpose of effecting a cross-border
SmartCraft ASA, in connection with the relisting from Oslo 
Børs to Nasdaq Stockholm. As the Company conducted no 
business operations during the period from its incorporation 
on 1 July 2025 to 31 December 2025, the Board of Directors 
resolved to extend the Company’s first financial year to run 
from 1 July 2025 to 31 December 2026.
Under the Swedish Companies Act, a company is required 
to hold an Annual General Meeting within six months of the 
end of each financial year. Since the Company’s first financial 
year does not end until 31 December 2026, no Annual General 
Meeting can be held before that date. Accordingly, no Annual 
General Meeting will be held in 2026. Instead, the shareholders 
of the Company were invited to attend an extraordinary general 
meeting 29 April, 2026.
On the EGM it was resolved to establish a long-term incentive 
program based on C1-shares for the CEO, the group executive 
management and other key employees. The LTIP can comprise 
of a maximum of 2 171 168 newly issed convertible and 
redeemable C-1 shares. For more information see smartcraft.
com/investor-relations/general-meeting/. The EGM also 
resolved to authorise the Board of Directors to prepare and 
implement a program for synthetic repurchases of treasury 
shares. The aggregated number of shares repurchased 
under the program, together with any shares already held 
by SmartCraft, may not at any time exceed 10% of the total 
number of shares in SmartCraft.

===== SIDA 28 =====

28
2026 Q1 REPORT
Alternative Performance Measures 
(APMs)
The following terms are used by the Group in definitions of 
APMs:
EBITDA: 
Is defined as operating income before depreciation of tangible 
and intangible non-current assets.
Adjusted EBITDA: 
Is defined as EBITDA adjusted for special operating items that 
distorts comparison, such as acquisition related expenses, 
listing preparation costs and other items which are special in 
nature compared to ordinary operational income or expenses.
Adjusted EBITDA margin (%): 
Is defined as Adjusted EBITDA divided by sales, expressed as a 
percentage. 
Adjusted EBITDA – CAPEX margin (%): 
Is defined as Adjusted EBITDA – R&D CAPEX divided by sales, 
expressed as a percentage.
Annual Recurring Revenue (“ARR”): 
Is defined as a 12 month subscription value of the Group’s 
customer base at the end of the reporting period. The ARR 
metric only includes fixed price subscriptions.
Recurring Revenue (%): 
Is defined as subscription revenue generated over the historical 
period divided by sales for the same period, expressed as a 
percentage. Recurring Revenue includes both fixed price and 
transaction-based subscription revenues.
Average Revenue Per Customer (“ARPC”): 
Is defined as the annualized monthly total operating revenue 
divided by the number of customers at the end of the month.
Churn Rate (%): 
Is a measure of loss of ARR on a rolling 12-month basis, 
expressed as a percentage of average monthly ingoing ARR for 
the same 12-month period.

===== SIDA 29 =====

29
2026 Q1 REPORT
Amounts in SEK (thousands) Q1’26 Q1’25 FY’25
Total operating revenue  136 176  132 022  527 725 
Amounts in SEK (thousands) Q1’26 Q1’25 FY’25
EBITDA  39 508  45 752 179 661 
Adjustments of special items 10 267 0 8 190
Adjusted EBITDA  49 775  45 752 187 851 
EBITDA-margin 29.0% 34.7% 34.0%
Adjusted EBITDA-margin 36.6% 34.7% 35.6%
Amounts in SEK (thousands) Q1’26 Q1’25 FY’25
Adjusted EBITDA 49 775 45 752 187 851 
Capitalized development expenses 9 489 9 666 40 585 
Adjusted EBITDA - CAPEX margin 29.6% 27.3% 27.9%
Q1’26 Q1’25 FY’25
Annual Recurring Revenue (ARR) (EoP) TSEK 504 109 469 157 477 351 
Recurring revenue 96.3 % 94.7 % 95.8 %
Average Revenue per Customer (ARPC) SEK 40 643 39 494 39 104
Churn rate (R12m) (EoP) 8.3% 9.3% 9.2%

===== SIDA 30 =====

30
2026 Q1 REPORT
Jeremias Jansson
Chief Executive Officer
jeremias.jansson@smartcraft.com
+46 770 17 65 77
Kine Kragholm Olsen
Interim Chief Financial Officer
kine.olsen@smartcraft.com
+47 926 43 530
Joacim Holmen
Public & Investor Relation Manager
joacim.holmen@smartcraft.com
+47 990 42 707
Financial calendar
• 28.08.2026 - Half-yearly report 2026
• 06.11.2026 - Q3 2026